Crypto.com, a leading global crypto exchange, has received a crypto payment service provider license in the Kingdom of Bahrain from the Central Bank of Bahrain. The exchange had already received a license from Dubai’s VARA in the UAE.
According to the Crypto.com press release, this is part of its expansion in the GCC region.
Crypto.com received a payment service provider (PSP) services from the Central Bank of Bahrain through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”.
The PSP license will allow Crypto.com to expand its offerings of e-money and fiat-based payment services regionally, including the launch of its world-renowned prepaid cards.
“With its extensive international presence and an earned reputation for regulatory compliance, we are delighted that Crypto.com has chosen the Kingdom of Bahrain as a destination for investment, which will further bolster Bahrain’s ability to deliver on its vision of developing a digital-first, resilient economy that celebrates innovation and progress,” said H.E. Noor bint Ali Alkhulaif, Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board.
She added, “Backed by the agility of our Team Bahrain approach, which fosters a streamlined investment environment that champions ease of doing business, Bahrain is successfully building a world-class ecosystem to support the evolution of the fast-growing blockchain, crypto and fintech industry. This is further supported by robust regulations and a diverse, highly skilled, and future-ready talent pool, particularly within the financial services and technology sectors.”
We’re proud to announce our latest milestone in global regulatory compliance and licensure.https://t.co/vCNztATkNg receives Payment Service Provider Licence from Central Bank of Bahrain More details 👉 https://t.co/sHQAZSBI34 pic.twitter.com/VoWrTKr3zY
— Crypto.com (@cryptocom) September 19, 2024
“Bahrain has been working to create an innovation-friendly crypto and fintech ecosystem, which has involved putting in place clear regulation that balances consumer protection with commercialisation,” said Eric Anziani, President and COO of Crypto.com. “We appreciate the work of the Kingdom and look forward to progressing our relationship as we play our part in growing the crypto industry in Bahrain and across the GCC.”
Bahrain was among the first in the region to issue crypto-asset licenses, granting them to Rain crypto broker, CoinMENA, and later Binance.
Cypto.com is additionally licensed for specific services in key markets around the world, including Singapore, France, Australia, Ireland, Malta, United Kingdom, United States, Canada, and South Korea among others.
